The US subsidiary of one of China’s largest state-owned oil companies has been fined $14.5mn for “misclassified” export documents, officials said on Tuesday.
An investigation found that PetroChina International America “reported inaccurate information” to the database used by exporters declaring shipments out of the US. The company misclassified diesel fuel shipments as mineral oil for export transactions to Mexico.
PetroChina International America “misclassified or undervalued millions of dollars in petroleum exports”, head investigator Mark Dawson said. The probe was jointly launched by the US justice, homeland security and commerce departments.
The PetroChina unit cooperated fully with the investigation and has “enhanced its compliance program”, the Department of Justice said.